Timeshares can be a headache for estate planning and probate lawyers as well as their clients. If not treated appropriately, they can cause excess time and fees for everyone involved. Many timeshares are actual interests in real estate; other timeshares are a contractual “right to use." If a person dies with a timeshare interest in their name, there may have to be an additional probate in the state where the timeshare is located. This is called an "ancillary" probate and can cost several thousand dollars in attorney fees and court costs.
The easiest way to avoid this problem is to set up a Revocable Living Trust. We can help you in creating the Trust. Once the Trust is created, you transfer the timeshare interest into the Trust and the Trustee becomes the legal owner of the timeshare. As the beneficiary of the trust, you can use the timeshare while you are alive. Upon your death, the Trust continues to be the owner and probate is not required. The timeshare interest will then be transferred to the remainder beneficiaries according to the terms of the Trust.
If you own a timeshare, it is important to contact an estate planning lawyer and put the timeshare in a Living Trust so you do not inadvertently burden your loved ones. If you have inherited a timeshare, it is important to contact a lawyer in the jurisdiction where the timeshare is located to determine your options. Give us a call at 253.858.5434 if we can be of service to you, your family, friends, neighbors, or co-workers.